Singapore Land, a property developer and landlord that reported a gain in quarterly profit, said that the market for office space is expected to be “weak” as new buildings are completed in the city-state. “The office market is expected to be weak in view of the significant new supply,” the company said today in a statement, announcing a 41% gain in profit for the three months to Sept. 30 of $56.3...
Singapore Office
K-REIT Asia says it has completed the acquisition of levels 20 to 25 of Prudential Tower located at 30 Cecil Street. K-REIT Asia says it paid $106 million for the property and the acquisition will be funded by a bridging loan facility of up to $110 million from Kephinance Investment. K-REIT Asia says the bridging loan is to be repaid from the net proceeds of the underwritten and renounceable rights issue...
The S$4-billion Marina Bay Financial Centre mega project is on target despite the global downturn. In a year, phase one of the Marina Bay Link Mall under the Centre will be up and running, with tenants moving into the offices above. Raffles Quay Asset Management (RQAM), who has revealed plans to make the 176,000-square-foot mall a place to "Shop, Dine and Play", said the response rate has been...
Prime office rents may be on a downward trend, but analysts say there is nothing much to worry about as the decline is a necessary correction. An oversupply of office space and low demand has knocked down prime office rentals in the central business district (CBD). Rents have fallen as much as 40 per cent since the beginning of 2008 but observers said that rents are not in a free fall. They said the...
Property consultancy DTZ has upgraded its outlook for the office property sector. It now expects office rentals to return to positive growth next year as the improving economic outlook feeds through. But it said the outlook for 2009 remains firmly negative. Year to date, office rentals throughout Asia Pacific have fallen by an average of over 10 per cent. DTZ said the latest quarter on quarter growth...
An estimated record 1.19 million square feet of new office space was added in the third quarter of this year, according to the latest Singapore Property Market Report by consultant DTZ. This increased the overall office stock by two per cent. The new supply in the third quarter was more than last year's total new supply of 1.14 million square feet. Newly completed offices included Mapletree Anson, 2HR,...
Mapletree Investments said it has pre-leased 40 per cent of the office space at its Mapletree Business City. Mapletree said it's talking to more potential clients who may take up another 15 per cent of space before the project is completed mid next year. Topping out the Mapletree Business City, the company already has another reason to celebrate. Fourth-tenths of some 1.7 million square feet of office...
Singapore is no longer one of the top 20 most expensive office locations globally. A survey by property consultancy Colliers International showed that in June, Singapore's office space was the 26th most expensive in the world. That is a steep fall from December last year, when Singapore was number 6. Colliers said this is because Singapore's office property market was among the most severely affected by...
Office rents in Singapore fell for the fourth straight quarter with prime rentals averaging at S$7.50 per square foot a month in the third quarter of 2009. Real estate consultancy firm CB Richard Ellis said this is a 12.8 per cent on-quarter drop – an improvement over the 18 per cent decrease a quarter ago. Grade A office rents fell about 13 per cent on-quarter to S$8.80 per square foot per month....
Merchant Square, an office building located at the fringe of the Central Business District (CBD), is up for sale by Expression of Interest. The building, completed in 1996, comprises a four-storey office tower and two blocks of shophouses. It is situated close to the junction of Merchant Road and Clemenceau Avenue, with a tenure of 99 years leasehold from 1993. CB Richard Ellis, which is the sole...